Russian President Dmitry Medvedev signed a decree establishing a working group for the creation of an international financial center in Moscow, the Kremlin said on Wednesday. Medvedev first put forward the idea of making Moscow a global financial hub at the St. Petersburg Economic Forum in 2008. The move is aimed at strengthening the ruble's position as a reserve currency.
The working group is to be created within the presidential council on the development of Russia's financial market, the Kremlin's press service said. Former head of the Russian presidential administration, Alexander Voloshin, will head the group, and First Deputy Prime Minister Igor Shuvalov will supervise the group's activities, as well as the government's activities related to international financial integration.
